How to Prevent Credit Card Fraud?

How to Prevent Credit Card Fraud?
Photo : How to Prevent Credit Card Fraud?

Getting a credit card can help you in conveniently paying your bills, doing online shopping, and enjoying dine-in. The stress of carrying cash wherever you go is significantly reduced when you have a credit card to turn in the cash. 

The moment you get a credit card, the responsibility of keeping it safe from thieves and scammers starts. Credit Card Fraud is considered the most common type of activity resulting in millions of losses. 

As per the reports, more than $149 million were lost in credit card fraud last year, i.e., 2020.

Preventing credit card fraud requires people to be extraordinarily watchful and cautious of their credentials. To avoid scammers from playing tricks on you, we have shared a complete guide to how you can prevent credit card fraud from leaving you moneyless. 

What is Credit Card Fraud?

Credit Card fraud is a scamming activity that happens when a swindler illegally gets access to your credit card to steal money in processing the payments. Unlike cash theft, credit card fraud is not as simple as it sounds.

To successfully access someone's credit card, one has to be aware of the technical terms. It requires a knowledge of hacking to break into someone's card privacy.

Hundreds of people get scammed by credit card fraud daily. The reason for this is simply carelessness and ignorance.

How Can I Stay Safe from Credit Card Fraud?

Always remember, the one who scams you is much smarter than you. To prevent yourself from becoming a victim, learn to act responsibly and more thoughtfully.

Thinking of how you can prevent credit card fraud?

If you are still worried about your credit card payment information getting stolen by thieves, don't worry.

By following some of the safest techniques mentioned below, you can keep yourself and your loved ones safe and prevent credit card fraud.

1: Always Carry a Wallet

Carrying a wallet with you is a pro tip in preventing credit card fraud. Does it sound weird? Well, when did I ask you to carry a wallet only? One way you can keep your credit card safe is by keeping it in a wallet. And let the wallet safely stay in your large purse.

For all the men out there, make sure that the wallet you carry has a good zip case, so there's no chance of your credit card slipping from the pocket. Whenever you step out of your house, ensure that you are only carrying a single credit card. Don't unnecessarily take all of your credit cards with you wherever you move. This will leave more chances of you getting scammed.

2: Don't Expose Your Credit Card

You might have never heard of this technique of hiding your credit card. As per the research, all hackers and scammers need is just a picture of your credit card.

When going out, ensure that you do not keep your credit card openly exposed among the public for a more extended period. Anyone can take your picture and steal all of your information instantly. Therefore, be very cautious of keeping your credit card in a hidden place so that no one can see it.

3: Be Careful of your Credit Card Statement

When we get out of a bank or ATM, we tend to leave the billing statements over there. Almost all credit card users throw their billing receipts in a trashcan.

Wait, there is terrible news.

Think of how many times you left your credit card billing statement in a dustbin or on the floor? Well, you did wrong and utterly wrong!

Any scammer that goes through that billing statement can easily steal all of your cash from your credit card. I wish that no one gets their hands on your billing statement. If you can't carry all the statements with you, make sure you shred each part of the paper without leaving any clue for the scammer to do credit card fraud.

4: Keep Your CVV Secured

CVV stands for Card Verification Value. It is an exclusive code mentioned at the back of your credit card. These CVV dumps are unique and serve as an ultimate security factor to protect you from fraudulent activities.

To prevent credit card fraud, make sure that you keep your CVV dump confidential. However, in some cases, when purchasing online, you might be required to provide this CVV dump as authorization. Regardless, never share this CVV code with anyone.

5: Don't Talk About Your Credit Card Information

Humans tend to rely a lot on their friends and relatives. Surprisingly, credit card holders are at stake in losing all of their money if they share the credit card information with someone else. In many cases, customer care services require you to share your credit card number and other details.

Remember, all of these calls are recorded. Therefore, whenever you talk over the phone or messaging, never write down or speak about your credit card information openly. 

Anyone can steal all of your data just with a click. The key to preventing credit card fraud is by staying as vigilant and alert as possible.

6: Report (In Case of Loss)

The last way to prevent credit card fraud is by reporting the loss to your relevant bank as soon as possible. If your credit card is lost or you cannot find it, don't hesitate to report it to your bank.

The sooner your lost card is blocked, the safer it would be to recover your money. Write down to your credit card company and request them to recover all of your money to prevent further loss.

The Bottom Line

In conclusion, we can say that preventing credit card fraud is not a big task. All it requires is some preventive measures, which, if taken properly, can save you from the loss of million dollars. Make sure to go through the techniques mentioned above to stay safe.

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